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the economy on both sides of the debate, and felt that it wanted to try my hand at clarifying it. i felt like i needed to make my contribution as best i could, because i done that at bain capital and felt like i need to try something different and it and i had to try to do something that was important. >> host: you mentioned of bain capital. there's a lot of interesting ideas and thoughts in this book. maybe you could tell me where these ideas come from. i these ideas that are developed over a long time from your career in finance? who are your influences in how you think about the economy and what's in the book? >> guest: they probably, it evolves from debates i had with young kids that came out of top schools, came to work for first been consulted and bain capital who wanted to argue economics and politics, and i can't think when you get to be 40 or 45, and i think it evolves from that. but i also benefited greatly from a friendship i had with bruce who is a professor at columbia who i was able to make the arguments to any would frankly say you're right on this but you're stepping on a land
at the end of the day. when the economy is much less strong as is the case today, they don't do that. they have no need to do that. there is nothing more potent as a driver of education for those with less skill than a taught labor market and the need to hire. i would suggest to you that those who assert that slow growth and stimulus and what happens in the short run is the short run issue, what is most important is the concept of long run fundamentalss this the crucial point -- miss the crucial point. we are by allowing the economy remains stagnant committing grievous structural sins. we are squandering human capital as people withdraw from the labour force. we are missing opportunities for employment and training for workers in their most formative years. we are running an active set of measures that discourage investment in finding the most disadvantaged workers and we are providing limitations on the incentive to invests in research and development as a product of tomorrow. how then to think about our current situation and the strategy for moving forward? it is i think right to s
is progressing and away the mature economic and economy as we have it pretty sound situation. well, if you compare what is happening in the u.s. in terms of the design of the framework of my economic policy, this is a totally different vision. in the u.s. you have the degree of flexibility. it's ready to intervene and to apply a very flex ability monetary policy, wearing europe the process is very cumbersome. it is a process in which the decision-making is extremely complex and we lack a proper lender for sovereign ends. this is the root of the problem today, that we have to apply fiscal policy, but we don't have a sufficiently policy. i would like certainly a lender of last resort. there is a situation for and stability in the sovereign that markets an example for that, in this chart you see the spread of the government that equally compare with germany and the spread is nearly 650 basis point. as you can all understand, it is impossible to work within a monetary union with such discrepancies between the core countries to finance themselves in european countries in this case, we have to p
in the first place. wall street cannot be allowed to be reinstated. it drove our economy off the cliff and people tried to punish our records but they were not the ones that drove off the cliff. yet that is where the budget goes to recoup. it's time for us to have responsible regulation that makes sense. >> thank you very much >> moderator: final question i will be asking. you have three minutes to both answer the question and then make your closing remarks. mr. renacci, you talk a lot about a bipartisan group that you are a member of, 16 members, eight republicans, eight democrats, and devotee sutton you talk about reaching across the offer cash for clunkers. no single party can have all of the good ideas. i wonder what you heard from your colleagues on the other side of the all that makes sense, and what are you doing specifically to bring the governments instead of gridlock to the nation's capital? and i think we split ahead of time, and the first response, final response will go to congresswoman sutton. sutton: thanks very much for the question. i think building those relationships
economy. it sounds so reasonable when you put it like that. let me tell you why it's not. right now while we've got a deficit, the people we are borrowing money from believe we will pay it back because we set out a tough plan to cut spending and to live within our means. that's why our interest rates are amongst the lowest in the world even though the deficit left us by labour was one of the highest in the world. if we did what labour wants and we water down our plane, the risk is that the people we borrow money from woodstock to question our ability and our resolve to pay off our debts. some might actually refuse to lend us any money at all. others would only send it to us at higher interest rates. that would hurt the economy and it would hit people hard. if you have a mortgage of 100,000 pounds, just a 1% increase in interest rates would mean an extra thousand pounds to pay each year. so labour's plan to borrow more is actually a massive gamble with our economy and our future. it would squander all of the sacrifices we have already made. and let me put it like this. we are here be
for free? well, it is a two-sided part of the economy. you have people who want to engage in the search. they want to find things quickly and effortlessly through the internet. on the other side there are advertisers who are happy to purchase advertising from google and it will be presented to this consumers reveal themselves to be interested in looking for particular things. a restaurant or a kind of car or a book, what have you consumers do their part by lending their eyes. it is taken to a much higher value added level. you, the consumer, reveal through your search what you are really looking for. advertisers are able to zero in on a potential audience of what they have to sell. the interest that google has been offering its search engine. and how the search engine operates, i'd like to address a few of the higher-level questions. a few that have come up and whether it presents an antitrust problem with google. i am only going to focus on questions that originated in the u.s. and are analyzed. the first is google's ranking of specialized searches. i'll explain that in a moment. speci
to create a new american economy, or one where advertisers work to keep your torn up and upset all the time to convince you the government is the source of all evil and mess up a two-car parade. the choice is believing that we are better off when we work for shared prosperity because too much inequality is a severe con strainlt on economic growth for everybody else. so should we work for shared prosperity or trickled down economics? this is the clear choice. it's a clear choice between president obama and governor romney. between shelly berkeley and her opponent. defeat steven, jon, and their opponents. they're not bad people and i'm new york city not trying to get you -- i'm not trying to get you torn up and upset. i'm telling you the truth. this is what is going to happen. if you really -- if you want north korea come back, quicker, stronger, broader, deeper, more modern, more relevant to the future, if you want to rebuild the 21st century american middle class and just as important give poor people a ladder in to it, you have to make the right choice. [applause] at nevada, look at the cr
the government, we will close down the american economy and, in turn, the global economy. if they do not solve the issue of this runaway spending, get some way to stop borrowing in excess, he tells the president of the united states if we default on this, on our obligations and our ious, we will trigger a depression worse than the 1930s. anybody here remember the 19 1930s depression? you probably don't. i don't. i was not born, but i've read about it. it was a calamity for the world. tim geithner said to the president what, if we default on this, if we do not solve this problem, we will have an economic catastrophe that will make the 2008 financial crisis a footnote in the history books. anyone remember the 2008 financial crisis? that's coming not from some columnist or journalist, that is coming from well-informed secretary of the treasury. you think about this, there is a value in running scared. if you think about after 9/11, the terrorist attacks, one thing the country did collectively is they set up tsa, the screening at airports. there are all kinds of work, very significant work done to
think algerians would focus on surviving in the informal economy, but algeria will effectively return to the it is status quo. it'll be this big, glaring absence in north africa. the largest country in africa disengages from the international community, solutions to the instability that dr. zoubir mentioned, solutions to the instability in sir car or northern -- syria or northern mali. what would make this all the more glaring is if our worst fears about libya were to come to pass. as i mentioned before, the libyan government is very much committed to the road map they've laid out, they're very committed to the political process, but i'd like to bring you back to the middle of 2011. at the time, gadhafi's head of external security defected. and when he defected, he warned that libya would become like somalia. and at the time i think most frames of references were to mogadishu, to a black hawk down moment. and, unfortunately, we have had a black hawk down moment in benghazi. but i think he's, you know, a are nuanced guy. and what i think he was referring to was a much broader frame of
totally stimulated the economy when you gave that panhandler at a dollar. even obama joked after his annual thanksgiving pardon that he saved or created four turkeys. my friends here know that i have a contrarian streak. i don't do groupthink. the guy who visited gulf after the bp spill and rode the environmental damage was being overstated, i was right. i had data. arguing that the stimulus was a new new deal was not just considered contrarian but delusional. like arguing the bp spill didn't happen. we can discuss why. a combination of relentless republican distortion, incompetent white house communication, brain dead media coverage, the unfortunate timing of the jobs bill that passed when the u.s. was hemorrhaging a hundred thousand jobs a month. the financial if quake had hit with the economic tsunami hadn't hit the tour. fortunately in 2010 i was 1,000 miles away and pretty oblivious to the prevailing stimulus narrative but i did become aware because i write about the environment that the stimulus included $90 billion for clean energy leveraging another $100 billion in private ca
thing congress can do that would stimulate job growth or lift the overall economy? boswell: right now we are an agriculture stated we are much more. we are certainly in agriculture state and we don't have a farm bill. it comes up every five years and it's very important to iowa and all of the crop bearing fire for producing states in the middle was an across the country. we have to have a farm bill and there have been political posturing. the speaker -- mr. latham's best friend i'm told. persuade him and bring them to the floor and let's have a discussion and do whatever amendment is going to do to take it to conference and get it done. >> moderator: congressman latham and congressman boswell the farm bill is the most important thing to stimulate job growth. latham: i have done everything possible to try to bring that tilted the floor. i have spoken out against leadership and i totally disagree with him but when you look kevin ag jobs, getting this economy going and has igoa rand and listening to constituents, small-business people, large business people, it doesn't matter. bavarian cert
cacacacacacaaac >> ceo jamie dimon spoke about the global economy and foreign relations today as part of their ceo speaker series. it is virtually assured that bond markets would project the rest out of congress could not reach a deal cutting the deficit. jpmorgan is being sued at the new york attorney general over allegations that subsidiary bear stearns deceived investors into buying mortgage-backed securities. this is an hour. [inaudible conversations] >> well, good afternoon. i am richard haass and i want to welcome all of you to the council on foreign relations into today's ceo speaker series meeting. this is part of the council on foreign relations corporate programs, which is supposed to increase connections and links between the business community in the foreign policy community, which to some extent are one and the same. i want to thank -- rather welcome not necessarily those of you do, but those around the world participating in this meeting or modern technology. speaking of modern technology, if people take a second to turn off their cell phones and the like, that would be most welcome.
calculated. but the biggest challenge with the pgd is the economy i think. how to reconcile the desire to advance morocco's standing in international rankings, rocco's economic competitiveness with its calls for social justice. morocco's economic -- complicated by several factors. as i said the pgd only holds 107 seats out of 395 seats in the lower elected house of parliament. it only has 11 out of 31 ministers, cabinet posts. the upper house is also indirectly elected, which is indirectly elected by notables still dominated by a regime supported. when the government was formed, the pgd expected economic growth to be 7%. that was revised to 5% and then now to 3.5%. this will have repercussions on the pgd. so just to conclude and then can open up the question, thinking you still in charge. his personal legitimacy remains intact. he still very popular, usually. most moroccans desperately want change but insists on a peaceful transition that hurts the country down, taking the country down the risk of destabilization protests, which would necessary meet with violence state, repression. i h
like being addressed in the campaigns themselves. you can see the economy at the top. it is jobs, the federal debt and cutting government spending. people feel there's a good amount of waste and they think of having a smaller government to avoid that kind of waste. there are concerns of a future terror attack, health care, when we look specifically at how people manage if the recession, and three in 10 looking for work. since the time of the recession. those who don't think -- people have gaps on health insurance and the housing debacle, and mortgages are underwater. that is a sense of an overview of research we have done. and polarization doesn't -- in another sense doesn't need to describe our body politics. thank you very much and if you have other questions we would be delighted to answer them. [applause] >> i don't know if this is done or not. you brought a lot of problems issues. there are a lot of issues being tracked and you have everything from conservative to liberal and republicans and race divisions and religious affiliation north and south and all these things. based
can't, you should and don't even try. >> there's no jobs for human spirit the economy is bad. it's all my fault and i can't fix it. >> i'm betting on china. >> i'm in over my head. >> not enough money to pay the bank. and we have to move. >> you should vote for mr. romney. >> apparently one should manage to get some behind the scenes video of the president. we told you last week about for lucky donors who won a campaign contest to a dinner with president obama. at least they thought they were lucky until the bill came. >> watch would have been. not a fancy place but watch what happens when the check comes. the check is put down. the president very slyly slides it across. >> and look how much the check is. $14 trillion. 14 trillion. >> thanks everybody. that is it for this special report. >> you couldn't make it up, but why bother? there it is. i want to thank steve and just encase has the urge to start drinking of the, we have supplied them with a case of pbr. that's how he celebrates. the annual mrc dishonors award, as its winners chosen by distinguished cross-section of the vast righ
. romney also believes he's going to be up to stimulate the economy picks of the economy will grow, which means receives will go. is also said that is going to be able to tax loopholes. i'm not a tax expert, but it seems to me that there's an awful lot of those loopholes, and that will help. and again when we're only talking about essentially 1.4% of% of the entire problem, it se a doable doing to fix. you can't fix it in one year. you can fix in four years for sure. so at least i try to answer your question. now, i can't just sit back and listen to some of the stuff and be told in effect well, facts matter but you, dov, you just don't know any facts. first of all, one little fact, i really wonder whether mr. panetta who talked about the smallest number of ships since 1915, said that in a letter to your former boss, senator mccain, would really be happy to give this argument is ridiculous. wasn't a republican who made that case. it was mr. panetta. number one. number two, the navy is going to be bigger because i funded the ships that are being built. it takes a few years to get them out t
to that, i think the obama campaign, they were extremely aware that they had a very very ugly economy and incumbents generally don't get reelected when these kinds of economy so i think they were -- and facts to me there would always come across as hungrier and more aggressive than the romney campaign. in almost every respect, so i think they were ready for is. >> which is what makes the debate so important. >> not the campaign. >> the campaign has been hungry. they have been aggressive. look at the advertising, really smart advertising. >> who is really running the obama campaign? is it david axelrod or is it plouffe or is it obama? is the family intervening and are they running it or who is running the campaign? >> the white house side, david plouffe was the campaign manager in a weight when they were underdogs. now the senior dicer of the white house -- what you hear is that he has pretty well the last word on most things both in the campaign and at the white house. jim messina the campaign manager in chicago runs that vast organization day today. on the romney side you have romney
to the path, because it's the mechanism that'll make all the difference. >> the economy plays a significant role in recruitment and retention. will the economy coupled with talks to change military retirement pay and health care have a negative impact on retaining a professional all-volunteer force? >> i don't know. but, you know, as i travel around and visit with young soldiers, sailors, airmen and marines, and i also visit the coast guard from time to time, and i ask them why'd you come in, the answers are really varied. some of them come in because they want to defend their nation, and they know the nation's at war, and then some come in, as you noted, for economic reasons. what i will tell you is it doesn't matter why they come in, but because once you get 'em and you build into them this sense of purpose and sense of belonging, another attribute, by the way, that tends to be missing in american youth as they try to figure out who and what they are. by the way, i'm not trying to recruit you, but i will tell you that i'm happy to have your kids -- [laughter] but i will tell you that one
. of course he returned to the overall economy and the individuals themselves are much greater. the nobel prize winner out of the university of chicago, which is no flaming liberal organization has said that the most important investment we can make an early childhood education. as bruce said come on record in congress, not the administration. we are not great in any particular institution with this report, but we are calling upon all americans to make and to demand more investment from our leaders, both on the state, federal and local level. senator dodd said we do as a country believe children are our most important resource. but the bottom line is we don't do it. we don't invest in our case. despite the fact many political leaders say kids are the most important resource, we don't miss the country put our money where our mouth is and that's national tragedy and a national shame that we're hoping that this report will highlight some areas we should be investing our dollars that should not just be bobbing our heads at all the adults come to say kids are most important resources in and do
. such like that. it would be a huge boost and the economy. those still exist. i personally think they're still going to muddle through because the alternative is potentially so bad the policy-makers know that. i could be wrong, but hopefully. a rollercoaster. you will see good news, bad news, good news, bad news. is going to work, is that going to work. all the things that they cannot do it once. they have the will because of the politicians say there is no plan be. the ways really complicated. >> let's just keep "running for a second. you have the international financial meetings in japan. one of the things obviously, is the imf predictions for slowdown in global economic growth. alcoa announced this morning they're dropping off the global demand for aluminum which is something of an indicator. are you seeing the same thing in your business operations to make your business around the world, your international institution, are you seeing signs of slowdown? >> not quite like that. so europe is in mild recession. you see it. you could argue, but the government spends 50 percent of the m
and young people into the formal economy, providing capital and training for on for for nors, helping emerging democracies update their economic regulations, investment laws and trade policies so private sectors can flourish. establishing a tunisian american enterprise fund with an initial capitalization of $20 million to stimulate investments in the private sector and provide businesses with needed capital. the private investment corporation is offering $50 million in loans and guarantees and the millennium challenge corp. is helping address long-term constraints to economic growth. we provided expert training for small business owners and job training to hundreds of young to legions and i am particularly proud of the new $10 million scholarship fund which will launch in august to help tunisian students study at american universities and colleges. we look forward to working on economic issues with the new libyan government once it is formed. one of our top priorities is helping nations trade more with each other. that will create new jobs for their citizens and markets for their prod
their own economies and national capacity and military. vietnam and malaysia have internal wars of rebellion and nation-building. the philippines had a rebellion in the 1950s. japan was just coming on line as a significant power in the 1970s and it was korea that developed into a significant power. all these countries have developed already and because they have developed they now have the ability to project power halt word into the. territorial soil they claim. they didn't have this capacity. we see conflict about island and geographical features below water and high tides that we never saw before. people say has everyone gone crazy? no. everyone has developed in east asia and they have military's and developed navies and air forces and conflicting conflict over geographical space. of battles over geographical space and not about ideas. there are no ideas involved. this is all about territory. this is about status, about national status. people fought in europe that nationalism was out of fashion. we are in a post national age. that is not what i see in east asia. i see nationalism as very
not figure out how to do more on the economy but would risk the election to do something permanent to expand state and realize more of liberalism was kohl's. to that extent he is doing with the marxist call heightening the contradiction. in a certain way bidding for the crisis to come and excel rate. i thain because he will find a way to compromise and his second term. but the game he is playing in its ideological them that. he would not reject the chance to have a fiscal crisis in which you have stark alternatives. taxes must go up with the future promises made zero or we must fundamentally trim the welfare state. that is the opportunity to sweeten the economy to move from 19 or 25% of gdp every year that would have a transforming effect on the american character. >> what happens then if he is defeated? >> if is followed by conservatives. it is not impossible that romney could win to bring in the republican senate to maintain republican control of the house and confidently and expeditiously set out to replace and repeal will obamacare to undo other things done by the obama administration. i
that women who want jobs can't get them because the unemployment rate is 8.2%. the fact that our economy is just going at 1.9%. the real war on women is that they can't get jobs and that their spouses and family members can't get jobs, and they are suffering with high gas prices,-prices, higher health insurance premiums, and they cannot find the ways to advance economically. >> how obama's gender policies undermine america is the name of the broadside by diana furchtgott-roth, and she rides americans live in two worlds. what is the everyday world in which they work, study, play, laugh, cry, love any. in the world women are more likely than men to succeed. women on average do better in school, but in work, better in life. women triumphant in everyday in america. the other america is a distortion constructed by radical feminists in washington politicians. these politicians make a career out of telling women that they are defeated. >> yes, that's because, by saying that women have to earn the same as men, it indeed is a lifestyle choice which is allows many women to choose a more sensible j
think the obama campaign, the white house were extremely aware that they had a very very ugly economy and incumbents generally don't get reelected with these kinds of economies. so i think they were, to me, they have always come across as hungrier and he more aggressive than the romney campaign in almost every respect. i think they were ready for a fight from the get-go. >> which is what makes the debate so -- the campaign has been hungry. they been aggressive. look at the advertising, really smart advertising. >> who was really running the obama campaign? is a david axelrod or plouffe or obama? who is really running the romney campaign? is the family now intervening and are they running it or who is running the campaign? >> the white house side david plouffe was the campaign manager in no aid and when they were underdogs brought them back and now the senior dicer at the white house, he has pretty well the last word on most things both in the campaign in the white house. the scene of the campaign manager in chicago runs that fast organization date today. on the romney side, romney is
, bringing women and young people into the former economy, providing capital and training for entrepreneurs, helping emerging democracies update their economic regulations, investment laws, trade policies of their private sectors can actually squarish. we are establishing a tunisian-american enterprise found with initialization at join million dollars to stimulate investment in the private sector and provide businesses with needed capital. the overseas private investment, opic is that for a monthly guarantees and the millennium challenge corporation is helping address long-term constraint to economic growth. we have provided expert training for small business owners and job training 200 of young tunisians. and i am particularly proud of the new $10 million scholarship fund, which was launched in august to help tunisian students study at american universities and colleges. we also look forward to working on economic issues with the new libyan government once is foreign. one of our top priorities is helping nations trade more with each other. but after i create new jobs and markets for produc
a more on the economy if he was going to get reelected. he was willing to risk re-election for the sake of doing something perm known expand to the state, to realize more of the liberalism's goals. and so he is to that extend he is what the marxist call heightening the contradiction. he is in a certain way beg for the crisis. that's because he will be a way to daily comprise in the second term, if there is one, but i think the game he's playing is more ideological than that. and i think he would not reject the chance to put conservatively to have a real fiscal crisis in which in order fund the present promises and some of the future promises made in the welfare state or we must fundamentally trim the welfare state. and, i mean, that would be an opportunity as i say in the book to sweetennize the american economy. and so to scare move from a federal government that spends somewhere between 19 and 25% of gdp every year to one that spends 35% of gdp. that would have it seems to be a transforming effect not which i would welcome on american politics and on the american character. [inaudible
because he was better on the economy. but i actually think to change the election into an election about leadership, and now is where people voted for barack obama. they voted on his leadership and not who would better manage the economy. if you saw john mccain and not moment, he suspended his campaign. he went to washington insider candidate should come within. went back to the campaign trail, was going to be the debate. there's a lot of lurching going on with john mccain at that point. our candidate number one from the campaign trail. he stayed for a midair. he positioned his leadership of the people, with the neighborhoods. john mccain was the voice echoing from the halls of washington. that was the contrast of favorite our candidate. and then to the last point i want to make, which is mind your ceo makes. when john mccain, for example, said i'm going to -- we should put the debate and focus on the bill. our cannadaycannaday's response was less than come i can run a campaign. i can do the debate. i can do more than this. i've got an organization that can handle a lot. i'll be ready fo
budgets. of course, the returns of the overall economy, to the individuals and themselves are much greater. for nobel prize winner out of university of chicago which is no flaming liberal, organization has said that the most important investment we can make is in early childhood education. as bruce said we're not grading congress but were not grading the administration. we are not grading any particular institution with this report. we are calling upon all americans to make and to demand more investment from our leaders on the state local and federal level. senator dodd said we believe children are the most important resource. but the bottom line is we don't do it. we don't invest in a kids. so despite the fact that many political leaders say that kids are the most important resource, we don't as a country put our money where our mouth is. that's a national tragedy and it's a national shame. we are hoping that this report will highlight some of the areas we should be investing our dollars in, should not just be bobbing our heads like bobblehead doll to sing kids are most important resource
of plutocracy in our economy. >> guest: autonomy is less excitable word than plutocracy. but his point was there a few platonic mates around the world and is characterized by a tremendous concentration of wealth at the top and the wealth that is greater than say the bottom 90%. and he says that's who's going to buy products. that is who's going to drive the economy and the middle-class is not as important. >> i think you seen the book for people who make less than $200,000, they don't count. just good they are relevant. and this is in the eyes of the hedge fund people. these are hedge fund people talking. and you can understand where they're coming from. the middle class in china endorse the middle-class. middle class in india, brazil, you name it. it's why they say the u.s. is kind of irrelevant nonsense. >> they are always looking for growth and that is the heart of global financial aristocracy. they want growth. they want rosenstock script on the companies at the multinational connections and operations and revenue streams. and that's why they see the middle-class in china and india
, there is no jobs for you man. >> economy bad. it's all my fault. and i can't fix it. i'm betting on china. >> i'm in over my head. >> don't have enough money to pay the bank, honey. and we have to move. [laughter] >> you should vote for mr. romney. [laughter] >> apparently one show managed to get some behind-the-scenes video of the president. we told you last week about four lucky donors who won a campaign contest to have dinner with president obama. at least they thought they were lucky until the bill came. >> what happens. it was not a real fancy place. now watch what happens when the check comes. you see the check is put down. the president very slyly slides it. look how much the check is. $14 trillion! 14 trillion. then he sneaks out. then he sneaks out. >> thanks for inviting us into your home tonight. that is it for this "special report". [laughter] >> you could make it up but why bother? there it is. want to thank steve and just in case he has the urge to start drinking heavily we supplied him with a case of pbr back there on ice. that is how he celebrates. the annual mrc dishonors award
and economic growth. it historically has been one of the most dynamic parts of the economy, but in recent years if you look at statistics from the labor department, job growth and economic growth has slowed. i identified three basic areas where i thought the fcc could do more with respect to the ict sector. number one, it was more internal. the fcc should act at the same pace as the industry that it regulates. one of the things i've heard from a number of companies is that the fcc has sometimes not acted with much alacrity with respect to issues that are pending before the commission or in delaying action on other issues. and so i wanted to think about different ways that the commission could speed up its processes. second, i think that one of the key things the commission can do and should do to enable more dynamic industry is to get more spectrum into the commercial marketplace. there have been a number of different proposals on the table, and i take an all of the above approach with respect to spectrum policy. and finally, i tried to think of different ways that the fcc could remove bieriers
the word autonomy. >> guest: combination of plutocracy in our economy. >> guest: autonomy is less excitable word than plutocracy. but his point was there a few platonic mates around the world and is characterized by a tremendous concentration of wealth at the top and the wealth that is greater than say the bottom 90%. and he says that's who's going to buy products. that is who's going to drive the economy and the middle-class is not as important. >> i think you seen the book for people who make less than $200,000, they don't count. just good they are relevant. and this is in the eyes of the hedge fund people. these are hedge fund people talking. and you can understand where they're coming from. the middle class in china endorse the middle-class. middle class in india, brazil, you name it. it's why they say the u.s. is kind of irrelevant nonsense. >> they are always looking for growth and that is the heart of global financial aristocracy. they want growth. they want rosenstock script on the companies at the multinational connections and operations and revenue streams. and that's why they see
done over the last three and a half years is to our economy and to our international stature and that has been done by this president. and actually, chris, i personally have complimented president obama many times and i'll be listened to my radio show now i share to do a fair amount. look, president obama might not know a lot about economics, but he does a mean karaoke. siliceous celebrate that. let's all hold hearings. mus back so in love with you. ♪ ishat all? come on. imagine mitt romney doing that. ♪ i'm so in love with you. >> i'm sorry, you've got to give it to both sides. our second obamagasm award. there's a priester, i can go to confession. goes to someone who celebrated a movement, not just an individual. this was on october 11, abcs, and i'm going to do her voice, diane sawyer of the perpetually heavy breathing voice, who's trying with a very blurry lines. last night i actually liked diane. i'm sorry, i feel guilty doing this, was trying vallely to describe the emergence of a movement known as the benevolent occupy wall street. >> without food for you up-to-dat
think of the aftershocks scenario to the u.s. economy and how will the affect the too big to fail banks and if i read this right, the rest of us. >> the after shock. >> i can speculate on what it is, the lingering depression, the slowdown in asia, and the fact that the financial system is still engaged in the incredibly risky behavior. are we talking about statements here? we will go with my theory. >> everyone is being affected by these right now and you see jpmorgan chase as a loss that was bad on your up, right? but in a way the institutions are so big that they are shielded because even with that massive trading law you see jpmorgan returning profits, so they are very respective but we have created the system where the biggar just gigantic. estimate and they know that they will be built up by the taxpayer and that creates what they call moral hazard. describe -- this is a great question because we get a bill but to much inside baseball journalism in the world all three of us. describe the problems inherent in the optional arm product and its aggressive push by wamu. >> that is a gre
've had a deregulated economy and we have produced through the deregulation, the spirit of the entrepreneur ship the individual going out and starting a business. the businessman or woman going out to risk their investments to start a business and hire people. we have produced 17 million jobs in this country since 1982 deregulation as a form of political process he is a good philosophy it's one that we agree with. they want a centralized government. but we believe in the market. we believe in the people coming investor is a role of government, and the role of government is to make sure that those safety and welfare of the people are taken care of. and we will continue to do that. >> moderator: senator bentsen? bentsen: i think we can see peace the debate, and the legislation that has been passed to try to protect the working men and women of america and you've seen the administration that came in and really didn't have its heart in that kind of enforcement. a good example of that is the environmental protection law that we were talking about a moment ago. this administra
. they need a strong military. the military also controls i think between 10%-15% of the economy base. the military gets a good portion of the budget for defense spending. you're going to have a strong military in egypt and it's the strongest institution. when all else fails, look at the military. in libya, the military was torn apart after the loss in the war in 1987. gadhafi dismantled it. you're always going to have that in egypt. what i was surprised was the swiftness with which the military leadership took over power after mubarak fell. collapsed with such swiftness, and when morsi came into power, he just fired every. that was interesting. >> perhaps heart ping. >> yes, that's also true that he moved towards democracy if you're going to have that type of a -- you have the civilian leaders really assert their power so forcefully and early on. >> in pakistan in 2002, the pro-taliban parties controlled two out of four of pakistan's provinces, and in 2008, they got 2% of the vote losing control, and they lost control because they had not delivered. how would you see the fortunes? yo
of the economy is so complicated, the city is so complicated, trying to understand it is too hard for a small group of centrally located planners to be able to do that. no individual person has to understand the whole thing. the market works because everyone understands a little bit of it. >> host: milton friedman's pencil. >> buying and selling and creating, the totality of these agents coming up with new solutions meeting people's needs. networks are a peer market where peer progressives defer from traditional libertarians is we don't think markets solve every problem in society. there are many facets of human experience that are not necessarily solve by markets. markets create their own problems. there are a lot of companies trying to build a global network that would unite computers around the world and they all failed compared to this open source peer produce solution of the internet and the web and wikipedia and other things. there are places you can use that without it involving traditional market relations and that is what peer progressives are trying to do. >> host: what is the chick
with several deserts' and the subtitle is boom and bust, the new old west. i am looking at the way the economy affect our lives, where the economy gets into our very bodies. it is a book that i wrote because my body arrived in the desert under very particular circumstances in the winter of 1997 when i was broke, broken and on drugs. i was in mexico city where i had been lucky enough to go under a book contract from new york. i got an advance from a new york publishers to write a book, dream come true. in mexico city by november of 1997 i crossed the deadline and didn't have a word written and i was broke and i called the only friend i could count on at that point because my life style led me to destroy a lot of my personal relationships. i called the performance artist from coast to rico who lived in the united states for many years and a solidarity network and politics in the 1980s and i said -- of set of circumstances led her to cruise from topics of central america. everybody has a story in the desert of how they got there. ness service, 100 miles, the town of 29 homes, i saw myself driven
are we doing on taxes on the constructive part of the economy, and we have to adjust them. >> okay. >> go back to 90, george bush entered into a deal that was supposed to be balanced and the trade off was reduced spending, higher taxes. the higher taxes for sure. this penny, that was to come later. we are still waiting. and i think, as thompson earlier, the negotiations, there's a lot of pieces to it. everything will end up being on the table, but there's no question that you've got to curb long-term medicare, entitlement costs as sort of a number one spending program that's in the federal government. and that's going to have to be looked at through health care reform and a whole bunch of other things that are complex. but you can't do one without doing what i would argue everything. >> okay. before we go, very pretty i would ask each of you with your optimistic or pessimistic, the things you think need to be done to restore business competitiveness can be done over the course of next four years, whoever wins the election on november 6. governor. >> i'm highly optimistic. i'm 100% certain
the tech sector has been so successful. one then we all agree on the state of the economy, that the technology companies in silicon valley and seattle, increasingly in new york are the kind of envy of the world and one key reason for that i think is that the internal structure of these corporations was much more pure network way it worked. much lies hierachical, the decision making in silicon valley firm is much less about the boss at top and much more empowering local employees to make decisions on their own, to innovate on their own. they're much more egalitarian the way they share the proceed. a lot of these company have extensive stock options plans where the lowest level employee participates when the company goes public and so on. all that stuff was new, when the first silicon valley, fairchild and intel founded in '60s and early '70s. they had this ethos where they were founded by a bunch engineers. they didn't have a lot of executive perks an everyone should participate in the production of the company. that practice i think is part of why the silicon valley and te
and a half years is to our economy and/or international stature, and that is been done by this president. and actually chris, i personally have coveted president obama many times, and all of you listen to my show now i cut it is fair and balanced. look, president obama might not know a lot about economics, but he does i mean karaoke. so let's just celebrate that. let's all hold hands, so in love with you. i mean, come on. imagine mitt romney doing that. i'm so in love with you. oh, come on. i'm sorry. i know this is mrc but you've got to give it to both sides. our second obamagasm of war -- i hate even sang the. is it just me or -- obamagasm award. there's a preacher. i can go to confession after saying it. i'm heading out there. goes to someone who celebrated a movement, not just an individual, and this was on october 11, abc's, i'm going to do her voice, diane sawyer. of the perpetually heavy breathing voice. who is trying with a very blurry lens. i feel like diane. i'm sorry, i feel guilty doing this. with trying valiantly to describe the emergence of a movement known as the benevolen
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